As you can see from the following trade opportunity alert for CAD/JPY, Autochartist recently identified the Triangle chart pattern on the 4-hour charts. The pair is expected to break down below the lower support trendline of this chart pattern and then to fall to the target level 95.795 in the next 2 trading days (point A which is the last reversal point of this trendline). The stop-level for this forecast is set at the close price level 97.211 (point B) which provides favorable reward-to-risk ratio for the sell entry. The pair is currently trading close to the multi-year resistance level 98.50 (former major support which reversed the pair up multiple times from 2005 to 2008, acting as resistance now after it was broken in the end of 2008, as is shown on the second chart below). The proximity of the strong resistance level 98.50 adds to the likelihood this forecast will soon be realized.
CAD/JPY" title="CAD/JPY" width="611" height="376">
The monthly CAD/JPY chart below shows the previous price action near the pivotal price level 98.50:
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Daily Forex Update: CAD/JPY
Published 04/26/2013, 06:16 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY
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Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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